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Karen, in forming a new corporation, transfers land to the corporation in exchange for the 100 percent of the stock of the corporation. Karen's basis in the land is $275,000, and the corporation assumes a liability on the property in the amount of $300,00. The stock received by Karen has a fair market value of $550,000.
a) What is the amount of gain or loss that must be recognized by Karen on his transfer?
b) What is the amount of Karen's basis in the corporation's stock?
c) What is the amount of the corporation's basis in the land?
Cheap Toys sells merchandise to the general public for cash or credit. It accepts several major credit cards. The company pays an average fee of 4% of sales to the credit card companies and 6% to the State of Florida in sales taxes.
On January 1, 2010, Fishbone Corporation sold a building that cost $262,300 and that had accumulated depreciation of $101,600 on the date of sale. Fishbone received as consideration a $251,400 noninterest-bearing note due on January 1, 2013.
In August, Gold Company sold 770 units of their only product. For the month, fixed costs were $10,400, variable costs were 57% of sales, and the average sales price was $62.
Great Falls Brewery's regular selling price for a case of beer is $15. Variable costs are $8 per case and fixed costs total $2 per case based on production of 250,000 cases.
The beginning inventory (Jan. 1, 2010) was $170,000; in the past Felt's gross profit has averaged 40% of selling price.
What are reversing entries and why are they required? What would happen if reversing entries were not made? What transactions might require reversing entries? What transactions might not require reversing entries?
The subsequent two spreadsheets provide workload (expressed as relative weighted products (RWPs) for inpatient care), revenue, and expense data for Schumpert Medical Center covering their fiscal years 2010 and 2011.
Madison Industries has equivalent units of 2,000 for materials and for conversion costs. Total manufacturing costs are $160,000. Total materials costs are $120,000. How much is the conversion cost per unit?
a. What were QuickyLube's labor price and quantity variances for the most recent week? b. What factor(S) could explain QuickyLube's labor variances?
What is the amount of Joel's realized gain, what is the amount and character of its recognized gain (if any), and what is its basis in the land it received from Sara in the exchange on November 1, 2012? Please explain and show all calculations.
In its first month of operation, Moraine Company purchased 100 units of inventory for $18, then 200 units for $21, and finally 150 units for $24. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result i..
Describe this Basic Type of Business Formation: Partnership Explain the Following Consequences of the type of Business Organization:
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